Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector [5] Core Insights - The China Securities Regulatory Commission (CSRC) is expanding the types of strategic investors to enhance long-term capital engagement with listed companies, including pension funds, insurance funds, and public funds [1][2] - The report highlights a stable regulatory environment for the insurance sector, with long-term benefits expected from trends in deposit migration and increasing demand for healthcare and retirement security [3] - The securities sector is experiencing heightened market risk appetite and active trading, benefiting both IT companies and brokerages [3] Summary by Sections Industry Dynamics - Non-bank financial, securities II, insurance II, and fintech indices experienced fluctuations of +1.04%, -0.69%, +5.50%, and -5.78% respectively, while the Shanghai Composite Index decreased by -0.44% [10] - China Life Insurance led the insurance sector with an increase of +8.73% [10] Insurance - Ping An Life increased its stake in China Life H shares by purchasing 11.891 million shares at an average price of 32.0553 HKD, raising its holding to 9.14% [14] - The registered capital of China Life Property Insurance has increased from 18.8 billion RMB to 27.8 billion RMB, a growth of approximately 48% [14] - As of December, the original premium income for property insurance reached 1,470.3 billion RMB, a year-on-year increase of 2.60%, while life insurance premiums reached 4,649.1 billion RMB, up 9.05% [15] Securities - The A-share market was active in 2025, with daily average trading volume of 2.08 trillion RMB, a year-on-year increase of 70.36% [24] - The number of IPO approvals surged by 109.43% year-on-year, with fundraising amounts increasing by 208.01% [24] - Listed brokerages that have released earnings forecasts expect a net profit growth of 59%-66% year-on-year [24] Investment Recommendations - The report suggests a positive outlook for the insurance sector, despite short-term pressures on capital and sentiment, due to long-term trends in liabilities and stable interest rates [3][37] - In the securities sector, the report recommends focusing on companies like China Ping An A/H, China Life H, Guotai Junan, and Huatai Securities [3][37]

非银金融 行业周报|战略投资者类型拟扩大，推动耐心资本与上市公司深度对接 拟扩大战略投资者类型，推动耐心资本与上市公司深度对接。2026 年 1 月 30 日，证监会发布《关于修改〈证券期货法律适用意见第 18 号〉的决定（征求意见稿）》，在 2026 年 3 月 2 日前公开征求意见。 1）扩大战略投资者类型。意见稿围绕《关于推动中长期资金入市的指 导意见》核心思想，承接落实《关于推动中长期资金入市工作的实施方 案》，明确全国社保基金、基本养老保险基金、企业（职业）年金基金、 商业保险资金、公募基金、银行理财等机构投资者可以作为战略投资 者，以耐心资本作为战略性资源对上市公司战略投资，明确该类投资 者界定为资本投资者，将其他实业投资者界定为产业投资者。 证券研究报告 | 行业周报 gszqdatemark 2026 02 02 年 月 日 2）明确资本投资者的基本要求和最低持股比例要求。要求资本投资者 在长期持股、提名董事参与治理的基础上，深度对接上市公司产业发 展需求，通过引入战略资源、优化治理内控、促进资源整合等方式，助 力上市公司增强核心竞争力。战略投资者本次认购上市公司股份原则 上不低于 5%，持股 ...

Investment Performance - The January stock portfolio achieved a return of +15.42%, outperforming the Shanghai Composite Index and CSI 300 Index by 13.77 percentage points and 8.31 percentage points respectively [2] - The portfolio included one Hong Kong stock with a return of 11.04%, while the Hang Seng Index rose by 6.85% [2] - The top-performing sectors included non-ferrous metals (+23%), media (+18%), and oil and petrochemicals (+16%) [2] February Investment Strategy Outlook - The A-share market has seen increased volatility since late January, influenced by valuation levels and external factors such as precious metals and the US dollar index [3] - The strategy suggests selecting stocks with solid fundamentals and low implied expectations, while maintaining a balanced portfolio to avoid overexposure to any single sector [3] - Key indicators to monitor include the trends in precious metals, the US dollar index, and A-share market trading volume [3] February Stock Recommendations Power Equipment and New Energy - Zhongtian Technology (600522.SH) is recommended due to its leadership in optical fiber and expected benefits from increased demand driven by AI investments and a significant investment plan from the State Grid [5][6] Electronics - Helin Micro-Nano (688661.SH) is favored for its potential growth in the chip testing market, driven by increased complexity and demand for FT probes [7] Robotics - Amperelong (301413.SZ) is highlighted for its expansion in automotive sensor products and its role in the emerging field of humanoid robots [9][10] Media - Alibaba-W (09988.HK) is recommended due to its rapid growth in cloud services and AI-related products, with a significant market share in China's public cloud IaaS market [12][13] Transportation - Southern Airlines (600029.SH) is positioned to benefit from high capacity and operational efficiency, with a projected increase in passenger volume [14] New Materials - Huafeng Aluminum (601702.SH) is expected to benefit from the demand for aluminum materials in the new energy vehicle sector and the trend of "aluminum replacing copper" [16] Building Materials - China Jushi (600176.SH) is recommended as it is positioned to benefit from a market shift in electronic fabrics and the ongoing demand for fiberglass [17] Real Estate - China Merchants Shekou (001979.SZ) is favored for its strong asset structure optimization and focus on core cities, which positions it well in the current market environment [18] Non-Banking Financials - China Life (601628.SH) is expected to perform well in 2026, with strong sales and investment returns [19] North Exchange - Haixi Communications (920405.BJ) is recommended due to its expanding energy storage business and stable traditional operations [22]

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人壽保險股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02628 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | FF301 第 1 ...

Flash | 01 Feb 2026 15:55:03 ET │ 14 pages China Insurance China Reportedly Plans to Recapitalize Three Insurers; PICC Group H- share Could Benefit Most CITI'S TAKE According to Bloomberg (30-Jan-2026), China is considering issuing c.Rmb200bn of special government bonds to recapitalize China Life Group, PICC Group and China Taiping Group. We are not surprised as "capital replenishment for large insurers is on the agenda" was mentioned by the State Council on 7-May-2025. We believe such a move would be posit ...

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 非银金融 沪深300 券商股或迎业绩催化；保险估值仍待提升 2026 年 02 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《公募基金业绩基准指引正式发布； "保险+康养"模式持续推进》 2026-01-25 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2026 年 01 月 26 日-2026 年 01 月 30 日）非银金融各子板块中仅保险行 ...

其中，中国人寿将与关联方国寿启远于2026年9月30日前订立合伙协议，共同设立北京国寿养老产业股 权投资基金二期（有限合伙），基金认缴出资总额达85亿元。出资结构上，中国人寿作为有限合伙人认 缴84.915亿元，国寿启远作为普通合伙人认缴850万元，双方将按约定分期缴付出资。该基金由国寿股 权担任管理人，后者为中国人寿控股股东集团公司的间接全资子公司，拥有保险资金私募股权基金管理 人资质，截至2025年8月末管理基金规模已达420亿元，在医疗健康、银发经济领域具备深厚投资经验。 与此同时，中国人寿同步披露另一项重磅投资，拟与浦东创投、国投先导等多方联合设立汇智长三角 （上海）私募基金合伙企业，基金认缴出资总额50.515亿元，其中中国人寿认缴40亿元，占比近80%。 该基金由国寿资本担任管理人，而国寿资本是中国人寿旗下专业另类投资平台国寿投资的100%控股子 公司，作为专注新经济的基金管理平台，其管理基金及产品超30只，累计签约规模超2100亿元，具备成 熟的科创领域投资能力。 近日，中国人寿（601628.SH）接连发布两则公告，宣布拟投资设立一只养老产业股权投资基金和一只 长三角私募基金，直接认缴出资额合 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The report discusses the upcoming capital injection into large state-owned insurance companies, which is expected to enhance the strength of leading insurers amid industry consolidation [5] - It highlights that the estimated capital injection scale is around 200 billion yuan, which will significantly improve the solvency ratios of the involved companies [5] - The report emphasizes the importance of monitoring the pricing of the capital increase and its impact on book value per share (BVPS) and embedded value per share (EVPS) [5] Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 37,190.62 billion yuan, with the same amount for circulating market capitalization [2] Capital Injection Details - The report anticipates that the capital injection will be approximately 200 billion yuan, which will account for about 16.5% of the expected net assets of China Life, China Ping An, and China Taiping by the end of 2026 [5][8] - The solvency ratio is expected to improve by approximately 23 basis points due to this capital injection [5][8] Investment Recommendations - The report suggests that investors should focus on the pricing of the capital increase and its effects on BVPS and EVPS [5] - It reiterates the investment value of the insurance sector, highlighting companies such as China Taiping, China Ping An, China Life, New China Life, and China Pacific Insurance as key focuses [5]